Options Granted

Alliance Pharma PLC
28 July 2004

28 July 2004


                              ALLIANCE PHARMA PLC
                         ('Alliance' or 'the Company')


                        NOTIFICATION OF OPTIONS GRANTED


Alliance Pharma plc, today announced that it has granted share options to two
company directors.  Details are as follows:

Director Name                                            Madeleine Scott
Date of Grant                                            27 July 2004
Number of options granted                                335,000
Period/date on which exercisable                         On or after 1 May 2007 and before 1 May
                                                         2014
Total amount paid (if any for grant of the option)       None
Exercise price                                           15.5p
Description of shares                                    1p Ordinary
Total no. of options held following this notification    335,500


Director Name                                            Anthony Booley
Date of Grant                                            27 July 2004
Number of options granted                                342,500
Period/date on which exercisable                         On or after 1 May 2007 and before 1 May
                                                         2014
Total amount paid (if any for grant of the option)       None
Exercise price                                           15.5p
Description of shares                                    1p Ordinary
Total no. of options held following this notification    342,500


                                    - ends -


For further information:

Alliance Pharma plc
John Dawson, CEO
01249 466966

Beattie Financial
James Chandler/John Moriarty
020 7398 3300


                      This information is provided by RNS
            The company news service from the London Stock Exchange